The investment is a product of Alabama's 3-year-old Certified Capital Company, or CAPCO, program, which creates incentives for equity investments in budding technology companies. Waveland's CAPCO partner in Alabama, New Capital Partners, led the funding round with all three CAPCOs and their Alabama affiliate partners, providing about $1.8 million of the total investment.

The integrated system provides constant visual reminders of medications that need to be administered, test results that are available, notifications of when patients are out of their rooms for tests or procedures, and other real-time data in a color-coded format that reflects the immediacy of the action.

Awarix's strategic development partner and first client, St. Vincent's Hospital in Birmingham, has increased patient capacity by 19 percent in less than one year by using the software, indirectly yielding an additional $5.5 million in revenue for the facility.

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